How to Write Your Will: The Complete Guide to Structuring Your Will, Inheritance Tax Planning, Probate and Administering an Estate

Contents......Page 19
Acknowledgements......Page 23
Preface......Page 27
Introduction......Page 49
1. Why Do You Need a Will?......Page 57
Who can make a will?......Page 61
Decide on your aims......Page 62
Civil Partnership Bill......Page 64
2. What Happens if You Die without a Valid Will?......Page 67
Present rules......Page 68
3. What You Should Know before Writing a Will......Page 73
What is termed as ‘property’?......Page 74
Financial matters......Page 76
What is an executor? Who can be appointed?......Page 81
Where should a will be kept?......Page 82
What is a trust?......Page 83
Small estates in England and Wales......Page 85
‘Excepted estates’......Page 86
What is a life interest?......Page 88
Overseas property......Page 89
Marriage......Page 91
Revocation of a will......Page 92
A ‘wish of intent’......Page 93
Disputes and unknown factors......Page 94
Claiming against an estate......Page 96
Making a gift void......Page 97
Rules to follow......Page 98
5. How to Write a Will......Page 100
Checklist for your will......Page 102
Case study......Page 103
Example of a will......Page 108
Notes......Page 111
What is a codicil?......Page 115
6. A Question of Tax......Page 117
Equalisation of estates......Page 119
Settlements......Page 122
Domicile......Page 124
Gifts......Page 128
When is inheritance tax applied?......Page 129
What can be achieved if no prior planning has been done?......Page 130
Business property relief......Page 131
Agricultural property relief......Page 132
Relief for succession charges......Page 133
Related property rules......Page 134
Disposing of an asset......Page 135
Interest in possession trusts......Page 137
Children: accumulation and maintenance settlements......Page 138
Discretionary trusts......Page 139
Jointly owned property......Page 140
Inheritance tax wartime compensation payments......Page 141
How is tax paid?......Page 142
Insurance against inheritance tax......Page 144
7. Dealing with Personal Tax Matters after Death......Page 146
How does this affect the surviving partner’s tax position?......Page 148
Self-assessment......Page 150
Executor’s duties......Page 151
The distribution of income to a beneficiary......Page 154
8. Who Can You Go to for Help?......Page 157
When will you need assistance?......Page 158
Solicitors......Page 159
Changes to the Probate Registry......Page 162
How can it help?......Page 163
Where else can advice be sought?......Page 165
Death certificate......Page 167
What is a grant and why is it necessary?......Page 168
What are all these forms for?......Page 169
What happens next?......Page 170
10. Valuing and Administering the Estate......Page 172
Property......Page 174
Premium Bonds......Page 179
Insurance......Page 180
Bank and building society accounts......Page 181
Shares and other investments......Page 182
Other income......Page 186
Listing the valuations......Page 187
Administering a trust......Page 188
11. What Happens in Scotland?......Page 190
What is a ‘small estate’?......Page 192
Rights......Page 194
Estate checklist......Page 196
What does it all mean?......Page 197
Children......Page 198
Heritable property......Page 200
Intestate estate......Page 201
Does divorce alter a will?......Page 202
Debts......Page 203
Property......Page 205
Bookkeeping......Page 209
Tax returns......Page 211
Distributing legacies......Page 212
Capital accounts......Page 214
The closing stages......Page 215
Appendix 1 Probate Checklist......Page 217
Appendix 2 Glossary of Terms......Page 221
Appendix 3 Frequently Asked Questions......Page 225
Appendix 4 Useful Addresses......Page 229
Appendix 5 Tax Thresholds and Allowances 2007/08......Page 233
Index......Page 235
Index of advertisers......Page 240